M&R Capital Management Inc. Lowers Stock Position in Broadcom Inc. (NASDAQ:AVGO)

M&R Capital Management Inc. lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,090 shares of the semiconductor manufacturer’s stock after selling 245 shares during the quarter. Broadcom accounts for approximately 7.0% of M&R Capital Management Inc.’s holdings, making the stock its 2nd biggest holding. M&R Capital Management Inc.’s holdings in Broadcom were worth $26,957,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of AVGO. Envestnet Asset Management Inc. boosted its stake in shares of Broadcom by 756.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 5,207,035 shares of the semiconductor manufacturer’s stock valued at $404,363,000 after purchasing an additional 4,599,078 shares in the last quarter. Norges Bank acquired a new stake in shares of Broadcom in the 4th quarter valued at $2,222,676,000. Moneta Group Investment Advisors LLC boosted its stake in shares of Broadcom by 122,794.1% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,667,161 shares of the semiconductor manufacturer’s stock valued at $2,050,420,000 after purchasing an additional 3,664,177 shares in the last quarter. Providence Capital Advisors LLC boosted its stake in shares of Broadcom by 49,919.1% in the 1st quarter. Providence Capital Advisors LLC now owns 2,437,432 shares of the semiconductor manufacturer’s stock valued at $3,799,000 after purchasing an additional 2,432,559 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Broadcom by 33.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,552,519 shares of the semiconductor manufacturer’s stock worth $2,545,450,000 after buying an additional 1,132,038 shares in the last quarter. Institutional investors own 78.81% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on AVGO shares. Susquehanna upped their price target on shares of Broadcom from $910.00 to $1,010.00 and gave the stock a “positive” rating in a research report on Thursday, August 24th. Robert W. Baird upped their price target on shares of Broadcom from $900.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 5th. StockNews.com upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Oppenheimer upped their price target on shares of Broadcom from $900.00 to $990.00 and gave the stock an “outperform” rating in a research report on Friday, September 1st. Finally, Wolfe Research initiated coverage on shares of Broadcom in a research report on Wednesday, July 19th. They set a “market perform” rating on the stock. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $846.14.

Broadcom Trading Up 0.7 %

Shares of AVGO stock traded up $5.67 on Thursday, reaching $858.60. The company had a trading volume of 310,534 shares, compared to its average volume of 2,487,081. The company has a current ratio of 2.50, a quick ratio of 2.13 and a debt-to-equity ratio of 1.73. The stock has a market cap of $354.38 billion, a PE ratio of 26.23, a PEG ratio of 1.66 and a beta of 1.10. The company has a 50-day moving average of $874.66 and a 200-day moving average of $757.88. Broadcom Inc. has a 12 month low of $415.07 and a 12 month high of $923.67.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The business had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.85 billion. During the same period in the prior year, the business earned $9.07 EPS. Broadcom’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities analysts forecast that Broadcom Inc. will post 37.88 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be paid a dividend of $4.60 per share. The ex-dividend date is Wednesday, September 20th. This represents a $18.40 dividend on an annualized basis and a yield of 2.14%. Broadcom’s payout ratio is 56.58%.

Insider Transactions at Broadcom

In other Broadcom news, Director Check Kian Low purchased 11,000 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was bought at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the purchase, the director now directly owns 15,951 shares of the company’s stock, valued at $13,909,750.53. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.20% of the company’s stock.

Broadcom Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.